S&P Capital IQ examined energy stocks' performance during every month in which oil prices have plunged at least 5 percent between July 1989 and last December, Thomas Yagel, S&P Capital IQ's vice president of market development, told CNBC on Friday.
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"Companies with high CAPEX requirements and weak cash flows might have to cut back on capital outlays required to sustain or increase current production output," the report said. "Debt service may also become more challenging for companies with high debt profiles as revenues decline."
Yagel said that the most attractive energy stocks, according to S&P Capital IQ's findings, are Exxon Mobil, Imperial Oil, Occidental, BP and ConocoPhillips.